The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Laurence Greene. According to his publicly available FINRA BrokerCheck report, Laurence Greene has been the subject of multiple customer disputes.

Laurence Greene was a Georgia based securities broker. He worked in the securities industry for thirty-seven years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • J.B. Hanauer & Co. (1980-1982, 1984-1987)
  • Paine, Webber, Jackson & Curtis (1982-1984)
  • Purcell, Graham & Co. (1987-1989)
  • A.F. Best Securities (1989-1999)
  • Gruntal & Co. (1999-2003)
  • Ryan, Beck & Co. (2002)
  • Herbert J. Sims & Co. (2002-2018)

The Allegations

  • In November 2017, a customer alleged that Laurence Greene recommended unsuitable investments, churned their account, breached his fiduciary duty, and excessively traded their account. This case was settled for $60,000 in damages.
  • In May 2018, a customer alleged that they sustained economic losses due to unsuitable investments in risky oil and gas securities that Laurence Greene placed them in. The customer also alleged that Laurence Greene churned their account. This case was settled for $100,000 in damages.
  • In September 2018, a customer alleged that Laurence Green engaged in securities fraud, recommended unsuitable securities, engaged in unauthorized trading, and made material misrepresentations regarding a fixed income investment. This case is currently pending. The customer is seeking $550,000 in damages.

Unsuitable Recommendations

Securities brokers have a duty to their customers to always act in their best financial interests. The main part of this means that brokers are only to recommend securities to investors that are suited for them. Securities brokers, like Laurence Greene, can determine if an investment will be suitable for their customer by looking at the customer’s investment objectives, financial situation, and risk tolerance. Securities brokers are expected to conduct the necessary due diligence required to determine if an investment is suitable based on these factors. Because of this, they cannot excuse themselves by claiming they did not known an investment was unsuitable for them.

Churning

Securities brokers are supposed to trade their customers’ accounts suitably both in the securities they recommend and the frequency in which they execute trades. When securities brokers trade investors’ accounts excessively, it can be detrimental to them. This is because it causes investors to incur unnecessary fees and trading losses. The main reason that securities brokers engage in this act is because of how it generates additional commissions for them. When a securities broker trades an investor’s account excessively, with the express purpose of generating more commissions, it is referred to as churning.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Laurence Greene, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.